Mortgage rates are on the rise, with the 30-year fixed-rate mortgage averaging 3.09% for the week ending October 21, 2021, according to Freddie Mac. Rates have climbed nearly one-third of a percent since early August. Despite increasing rates, which are projected to remain above 3% for the fourth quarter and rise even further next year, economists are expecting the housing market to continue to be active into 2022, thanks in part to strong buyer demand and increases in new listings.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 23:
- New Listings decreased 5.3% to 1,343
- Pending Sales decreased 14.7% to 1,235
- Inventory decreased 15.8% to 8,130
FOR THE MONTH OF SEPTEMBER:
- Median Sales Price increased 10.0% to $340,850
- Days on Market decreased 37.8% to 23
- Percent of Original List Price Received increased 0.7% to 101.2%
- Months Supply of Homes For Sale decreased 21.1% to 1.5
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.